Deputy Prime Minister Ho Duc Phoc: 'Our economic scale will reach several thousand billion dollars in the near future'

Surely our economic scale will reach several trillion dollars in the near future, not at the current scale of nearly 500 billion dollars.

Deputy Prime Minister, Minister of Finance Ho Duc Phoc - Photo: GIA HAN

Early afternoon of November 11, Deputy Prime Minister and Minister of Finance Ho Duc Phoc gave an explanation to the questioning group about the banking sector.

"The economic scale will increase 3-4 times in the near future"

Discussing socio-economic development, Mr. Phoc said that in the near future, he will focus on promoting production and business, amending Decree 24 (managing gold trading activities), and promoting capital market development.

Currently there is no longer a gold standard, but gold is still a precious metal, a place to hide idle money, so it will continue to be strictly managed."

Mr. Phoc said: "In the coming time, the demand for investment in the economy is very large, especially investment in transport infrastructure such as highways. The Prime Minister requires reaching 5,000km, 5 times higher than previous years. The North-South high-speed railway alone is up to 67 billion dollars, and programs to combat climate change, energy conversion programs such as wind power, gas power...".

The Deputy Prime Minister added: "In the near future, we will provide a huge source of credit and promote the development of the real estate market; the bond market will also share with credit and monetary institutions. We will not only mobilize domestic capital but also mobilize foreign ODA capital, including public-private partnership (PPP) to develop the economy."

From that, Mr. Phoc commented: "Our economic scale will certainly reach several thousand billion dollars in the near future, not the current scale of nearly 500 billion dollars. By this year, it will reach about 470 billion dollars, and will certainly increase 3-4 times in the near future."

Amendment of decree on gold business management

Decree 24 regulating the management of gold trading activities will be amended - Photo: NGOC PHUONG

Regarding the management of gold invoices, Deputy Prime Minister Ho Duc Phoc said that implementing the Government's 2020 decree and Circular 78 of 2023, from last year until now, the Ministry of Finance has regularly directed tax authorities to issue official dispatches and documents guiding tax declaration and payment.

Thanks to that, there is no problem in managing invoices of businesses and gold shops. Managing invoices is related to the issue of handling violations. Recently, some market management inspection teams temporarily suspended gold businesses when they could not prove the source of raw materials.

"This source of raw materials can have many origins, such as those left by our ancestors or previously uncounted reserves. We only handle it when it is smuggled gold. If we cannot prove it, we cannot handle the gold shops," Mr. Phoc shared.

Regarding gold import and export, Mr. Phoc said that this issue has been regulated in Decree 24 of 2012 (managing gold trading activities). Currently, there are changes in management practices, so the Government and the Prime Minister have directed to amend Decree 24.

The State Bank is currently implementing draft amendments, especially amending regulations on import and export, gold trading; preferential taxes to develop domestic goods, creating conditions for importing raw materials for production.

Strengthening anti-gold smuggling

Regarding the management of gold and gold bars recently, for example, SJC increased by 18 million VND/tael, an increase of 25% compared to the world gold price. There are many reasons due to the high world gold price, supply less than demand or people's psychology... "Currently, bank interest rates are low, real estate is frozen, prices are high, people do not want to put money in. Meanwhile, production, business or individual corporate bonds are also difficult. Gold can be a shelter for idle money", Mr. Phoc analyzed. According to the Deputy Prime Minister: "In the near future, we will direct the implementation of legal and transparent buying and selling; apply information technology to manage businesses and gold trading establishments. Next, we will step up the fight against smuggling, recently we have discovered two illegal gold trading lines of more than 6 tons. Especially in October and November, Noi Bai border gate caught several cases".

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Source: https://tuoitre.vn/pho-thu-tuong-ho-duc-phoc-quy-mo-kinh-te-chung-ta-se-dat-vai-ngan-ti-do-trong-thoi-gian-gan-20241111151241926.htm